Understanding Scarcity: An Introduction to Supply and Demand

Submitted By:Michael Ryan Moore, University of Pennsylvania, GSE

Date:June 3, 2011

Subject(s):Economics, Personal Finance

Grade Level(s):9, 10, 11, 12

Overview:

This lesson is an introduction to formal Economic theory. In this lesson, students will be introduced to the concepts of supply, demand and scarcity. Using the article “Falling Behind: Working Women in Germany Grapple with Limited Child-Care Options,” students will think about the relationship between scarce resources and individual decision making. As part of this lesson, students will be introduced to supply and demand curves.